Social Security Trustee: Unfunded Obligations At $24 Trillion

At Tuesday’s Ways and Means Subcommittee on Social Security hearing, Dr. Charles Blahous of the Social Security and Medicare Boards of Trustees testified that Americans owe $24 trillion in unfunded liabilities to those already in the Social Security system.

Congressman Jim Renacci (R-OH), a CPA, asked Blahous what the impact would be on the Social Security trust fund if all unfunded liabilities needed to paid out. Blahous said that they usually highlight the 75-year “open group obligation” which is currently $10.6 trillion, but said the “actual amount of unfunded obligations within the Social Security system is actually substantially higher than that. ” According to Blahous, the reason is that the shortfall does not play out gradually over time. “It’s actually something that is on the books now. There is an excess of benefit obligations over contributions for people who are already in the system. And that’s actually about $24 trillion. And that’s about 4.4% of future wages going forward,” Blahous said

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Actually, it’s even worse to that, according to the Social Security Trustees’ 2014 Annual Report to Congress. Tucked way in the back in Table VI.F1 in the appendix we find, “The excess of the present value of cost for past and current participants over the present value of dedicated tax income for past and current participants produces an unfunded obligation for past and current participants of $26.1 trillion.” (But what’s a of couple trillion here or there?)

Asked by Renacci if Social Security taxes this year will be adequate to fund current benefit obligations, Blahous explained that there will be a shortfall of around $80 billion this year alone.

Renacci wanted to know where the money will come from to make up the difference.

“Well, when the payroll taxes fall short of benefit obligations, the difference has to be made with payments from the general fund. Right now they’d be in the form of interest payments from the general fund to the trust fund and a large share of those interest payments would go out the door immediately to pay beneficiaries,” said Blahous. He added that $80 billion would be added to the federal deficit this year as a result of the shortfall.

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http://pjmedia.com/tatler/2014/07/30/social-security-trustee-unfund...

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First of all what is money  and what is currency ?

You all need to study that first or remain uninformed ! '

You are all modern day serfs on uncles plantation!

Mushrooms one and all

kept in the dark and burred in Horse manure! and expected to produce for your masters....

You all make me so angry by being uninformed

LBJ, Social Security Trust Fund, Medicare, Labor Unions, Political Dickering..

LBJ, like Nixon, had all his phone conversations recorded and now sounds like Someone has caused them to be public...the following is mostly about the beginning of Medicare tied to SShttp://www.ssa.gov/history/LBJ/lbj.html Trust Fund..

Can I reply to my reply? The Insanity of the Democrats and the people who BELIVE their lies has me talking to myself a lot lately anyway.

Just like now NOTHING Is/was done for ANY reason except to generate VOTES.

Like in ONE of LBJ's phone conversations he says we need the Medicare Bill to get the old folk's vote and he was not the ONLY DEM at the trough.

Andrew Jackson, not exactly perfect, ONLY Pres against Fed Bank I believe. ETC

Obama & the Democrats "kicked the can" so far down the road it's coming back around again. They also stole $716 from Medicare which nobody mentions any more, can't keep up with the A__Holes' scandals!

This thread is proof that no one wants to examine the 800 pound gorilla in the room!

That Gorilla is the currency [ it is not money even if you think it functions like money]

Every other subject is small potatoes !

Play Waltzing Matilda for me and move them deck chairs boys and girls !  LOL

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JUST IN->  Pelosi Announces House Resolution To Condemn Trump’s ‘Racist, Xenophobic Tweets’

House Speaker Nancy Pelosi (D-CA) announced Monday that Democrats will offer a resolution condemning President Donald Trump’s “racist” tweets against Reps. Alexandria Ocasio-Cortez (D-NY) and Ilhan Omar (D-MN).

Pelosi wrote a letter to House Democrats announcing that they will draft a resolution to condemn Trump’s “racist” tweets against progressive Democrats.

“This weekend, the President went beyond his own low standards using disgraceful language about Members of Congress,” Speaker Nancy Pelosi wrote.

“This morning, the President doubled down on his attacks on our four colleagues suggesting they apologize to him,” she added. “Let me be clear, our Caucus will continue to forcefully respond to these disgusting attacks.”

President Trump taunted the “squad” of far-left first-term progressive Democrats on Sunday, telling them to go back and fix the places they came from before telling the rest of the country what to do.

Trump’s tweets caused an uproar amongst the media and Hollywood celebrity classes, and now, Rep. Sheila Jackson Lee (D–TX) hopes to capitalize on the president’s message by condemning them in Congress.

Lee said she will draft a resolution of condemnation.

“Congresswoman Sheila Jackson Lee will be drafting a Resolution of Condemnation for the words used by President Trump about four members of the House of Representatives over the weekend,” Jackson Lee’s office wrote:

Sheila Jackson Lee  @JacksonLeeTX18

Congresswoman Sheila Jackson Lee will be drafting a Resolution of Condemnation for the words used by President Trump about four members of the House of Representatives over the weekend.

Donald J. Trump  @realDonaldTrump

So interesting to see “Progressive” Democrat Congresswomen, who originally came from countries whose governments are a complete and total catastrophe, the worst, most corrupt and inept anywhere in the world (if they even have a functioning government at all), now loudly......

Donald J. Trump  @realDonaldTrump

So interesting to see “Progressive” Democrat Congresswomen, who originally came from countries whose governments are a complete and total catastrophe, the worst, most corrupt and inept anywhere in the world (if they even have a functioning government at all), now loudly......

Donald J. Trump  @realDonaldTrump

....and viciously telling the people of the United States, the greatest and most powerful Nation on earth, how our government is to be run. Why don’t they go back and help fix the totally broken and crime infested places from which they came. Then come back and show us how....

Donald J. Trump  @realDonaldTrump

....and viciously telling the people of the United States, the greatest and most powerful Nation on earth, how our government is to be run. Why don’t they go back and help fix the totally broken and crime infested places from which they came. Then come back and show us how....

Donald J. Trump  @realDonaldTrump

....it is done. These places need your help badly, you can’t leave fast enough. I’m sure that Nancy Pelosi would be very happy to quickly work out free travel arrangements!

President Trump’s remarks seemed particularly directed at Rep. Ilhan Omar (D-MN), who is a former Somalian refugee.

Omar said Friday that the president “shouldn’t be in office” and told an audience of high school students that America was failing to uphold its promise to be a just society.

Rep. Omar said Trump was “stoking white nationalism” after he tweeted that some progressive congresswomen should “go back” to where they came from.

“You are stoking white nationalism because you are angry that people like us are serving in Congress and fighting against your hate-filled agenda,” Omar wrote:

Ilhan Omar  @IlhanMN


As Members of Congress, the only country we swear an oath to is the United States.

Which is why we are fighting to protect it from the worst, most corrupt and inept president we have ever seen. https://twitter.com/realdonaldtrump/status/1150381394234941448 

Donald J. Trump  @realDonaldTrump

So interesting to see “Progressive” Democrat Congresswomen, who originally came from countries whose governments are a complete and total catastrophe, the worst, most corrupt and inept anywhere in the world (if they even have a functioning government at all), now loudly......

Ilhan Omar  @IlhanMN

You are stoking white nationalism bc you are angry that people like us are serving in Congress and fighting against your hate-filled agenda.

“America's answer to the intolerant man is diversity, the very diversity which our heritage of religious freedom has inspired.” -RFK

Rep. Ocasio-Cortez claimed Monday that President Trump’s remarks serve as the “hallmark language of white supremacists.”

President Trump tweeted Monday that Democrats need to apologize for the “foul language” and “terrible things they have said”:

Donald J. Trump @realDonaldTrump

When will the Radical Left Congresswomen apologize to our Country, the people of Israel and even to the Office of the President, for the foul language they have used, and the terrible things they have said. So many people are angry at them & their horrible & disgusting actions!

Donald J. Trump  @realDonaldTrump

If Democrats want to unite around the foul language & racist hatred spewed from the mouths and actions of these very unpopular & unrepresentative Congresswomen, it will be interesting to see how it plays out. I can tell you that they have made Israel feel abandoned by the U.S.

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